B207a chapter 2

Question 1

Innovation and marketing :

Answer 1

In marketing, innovation could be a completely new product or service, or an innovation in an existing product or service.
An example of an innovation in promotion was Coca-Cola replacing its logo on its labelling on bottles with printed personalized names, which proved one of its most successful marketing campaigns (Coca-Cola, 2016).

Question 2

what is the marketing process? how to be successful?

Answer 2

The marketing process involves pursuing the organisation’s mission, vision and values by analysing the market, choosing a marketing strategy, formulating the offering and implementing, monitoring and evaluating the marketing programme.

To be successful, organisations need to be proactive in not only responding to but anticipating change.

Question 3

what is marketing ?

Answer 3

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering ,and exchanging offerings that have value for customers, clients, partners, and society at large.

The key points to note from these definitions are that marketing involves:
1. A process of activities that make possible an exchange .

2. Something that is offered for exchange – an ‘offering’ (which could be a good, a service or idea) .
3. The provision of value for the parties involved in the exchange(for example, profit for organisations and the satisfaction of requirements for customers).

Question 4

what are the marketing functions ?

Answer 4

Responsibilities of the marketing function:
1. Monitoring and analyzing the market and developing trends, opportunities, threats and competition.

2. Determining objectives and strategies in alignment with the organization’s mission, vision and values.
3. Identifying the most appropriate consumers to target and ensuring that products and services meet their needs and are suitably positioned in the relevant market.
4. Managing the brand(s) to project a coherent and compelling brand identity that attracts and builds relationships with consumers to secure a strong reputation and consumers’ goodwill and to guarantee future income and ward off competition.
5. Ensuring that products and services are communicated, delivered an offered at a price to consumers that constitutes an attractive proposition and ensuring that all points of contact in the exchange process enhance the purchase experience.

Question 5

what is the marketing process ?

Answer 5

The organization’s mission and vision guide the organization during the marketing process, helping to maintain a steady (but not necessarily fixed) course against a dynamic and sometimes turbulent environment.

in order to insure that customers want or need what you propose to offer, you will need to do the following;

1. analysis of the market: to understand the marketplace and your potential customers’ needs and wants.
2. strategy selection: : to which customers direct your offering and how to offer them value.
3. formulation of the offering: how you would deliver that value to customers.
4. implementation, monitoring and evaluation: : If you are able to nurture loyal customers, then you can capture value from them.